TLDR
- 21Shares adds staking operations and Coinbase as staking partner in Sui ETF.
- The Sui ETF will list on Nasdaq with BNY Mellon and Coinbase as custodians.
- SUI price rose 2.5% to $2.47 after 21Shares filed the amended ETF application.
- Sui futures open interest jumped 3% to $823M as traders reacted to the filing.
21Shares has filed an amended S-1 form for its spot Sui ETF with the U.S. Securities and Exchange Commission (SEC). The updated filing introduces new details about staking, confirms Nasdaq as the listing exchange, and names custodians for cash and digital assets. The move comes as traders watch for the SEC’s next decisions on pending crypto ETF applications amid growing market anticipation.
21Shares Updates Sui ETF Filing with Staking Provisions
According to the amended S-1 filed after market close on October 23, 21Shares introduced a detailed section about staking operations for its Sui ETF. The section, titled “Staking of Trust’s Assets,” outlines how the trust will manage staking-related activities. It covers areas such as redemption patterns, the unbonding period for staked assets, market monitoring, and the performance of staking service providers.
The filing shows that 21Shares US LLC has entered into a staking services agreement with Coinbase Crypto Services. Under this agreement, Coinbase will handle staking, validation, and block approval for the trust over an initial two-year period. The amendment did not include the ETF’s ticker symbol or management fees, which will likely appear in future filings once approved by regulators.
Custodians and Exchange Listing Confirmed
21Shares also confirmed that the Sui ETF will be listed and traded on Nasdaq. The updated filing named The Bank of New York Mellon as the cash custodian and Coinbase Custody as the custodian responsible for the fund’s digital assets. These partnerships are designed to provide regulated handling of assets under the ETF’s management.
However, the issuer has not yet disclosed information about the transfer agent, marketing agent, or other operational details. If approved, the 21Shares Sui ETF will track the price of SUI based on the CME CF Sui Dollar Reference Rate. This rate is widely used to reflect the performance of the SUI token against the U.S. dollar in regulated markets.
The filing update comes during a period of heightened activity around crypto ETF applications. The SEC has delayed multiple decisions while coordinating with major exchanges to establish uniform listing standards for spot digital asset ETFs.
Market Reaction to the Updated Filing
SUI’s price increased shortly after the amended S-1 filing was made public. Within an hour, the token rose by 2.5%, trading around $2.47. According to market data, SUI traded between $2.40 and $2.50 in the past 24 hours. The trading volume also rose modestly, indicating renewed interest among traders.
Derivatives data from CoinGlass showed strong activity in the futures market during the same period. Open interest in Sui futures increased by 3% in one hour, reaching $823 million. Over a 24-hour period, Sui futures open interest rose by more than 7%, suggesting active participation by institutional and short-term traders reacting to the filing news.
Broader ETF Context
The filing update by 21Shares comes at a time when the crypto market is closely following developments in ETF approvals. Multiple asset managers are awaiting the SEC’s next steps as the agency continues its review process amid broader market uncertainty.
The amended Sui ETF filing, which introduces staking and confirms Nasdaq listing, marks another move by 21Shares to expand its product offerings in the U.S. market. As regulatory review continues, market participants expect further updates that could determine the timeline for the fund’s eventual launch.
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